Fundamental analysis of Guizhou Maotai financial statements

Xiang Lingduan Chen Han Wang Yilin

摘 要：China's Guizhou Moutai Co.， Ltd. was approved by the Guizhou Provincial People's Government. On November 20， 1999， China's Guizhou Moutai Distillery （Group） Co.， Ltd.， based on the 2015-2017 indicators and financial data， Guizhou Moutai Conduct a comprehensive analysis.

關(guān)鍵詞：assets and liabilities， financial data， profitability.

According to the analysis of Table 1， the Guizhou Maotai

1. Light assets are mainly：

Inventory and monetary funds accounted for 81.7% of Moutai's total assets.

2. The proportion of heavy assets is very small：

Fixed assets account for 11% of total assets， intangible assets account for 3%， and construction in progress accounts for 2%.

3. Worth paying attention：

Receivables receivables are almost all bills receivable （bank acceptance bills） and no accounts receivable.

It can be seen that Guizhou Maotai has a strong position in the industrial chain.

4. Advance receipts are the largest debt of Moutai， accounting for 37% of total liabilities.

The more advance receipts reflect the strength of the company in the industrial chain， the supply of products is in short supply， the downstream dealers are willing to pay in advance to ensure the receipt of Moutai products， which reflects the absolute superior position of Maotai in the industrial chain.

5.Accounts payable as a business liability， accounting for 3% of total liabilities.

Due to the low production cost of Moutai， Guizhou Moutai does not pay much for upstream suppliers， so there are fewer accounts payable.

II. .Analysis of Guizhou Maotai Financial Data

1， production and sales are equal

In 2017， we made efforts to improve the consumption experience and product supply level. The output of Maotai Liquor and series of wine-based wines was 63，800 tons， up 6.51% year-on-year， of which the output of Maotai Liquor was 42，800 tons， and the output of series wine was 21，000 tons. 60，100 tons， an increase of 62.70%， and realized operating income of 58.218 billion yuan， an increase of 49.81%.

2， new positioning

According to the data analysis， the high growth of Moutai in 2017 is based on the big leap of marketing. The Moutai consumer group is positioned as the middle class， and the series of wine consumption is positioned as a well-off group. The transformation is extremely successful， and the proportion of official consumption is from a few. The 32.5% of the previous year dropped sharply to 0.13% （mainly foreign affairs procurement）.

The complete transformation from “business consumption” to “mass consumption” has made Moutai's growth in 2017 more solid， and the logic of business growth is clearer.

3. Product line reform

For example， the overall improvement of the quality of “Moutai Manufacturing”， such as the quality of the series of wines， the same production standards and techniques for brewing Moutai； there are also efforts to keep up with market demand， enrich product culture attributes， and enhance consumer intimacy. For example， the earliest development of the zodiac wine initiated by Maotai， after several years of hard cultivation， has gradually become the most popular product in the market， which is the most convincing case.

III.The potential that can be tapped in the future

1. Actively expand overseas markets

2. Strengthen supply side reform

3. Create an industrial ecological chain

References：

[1]Du Ye.Research on Capital Structure Optimization of Guizhou Maotai Co.，Ltd. [D]. Jilin University， 2016.

[2]Li Jiaming. Analysis of Guizhou Maotai Financial Statements Based on Harvard Analysis Framework [D].China University of Petroleum （Beijing），2016.

Author information：

Xiang Lingduan（1998—），female， Han nationality， Dazhou City， Sichuan Province， undergraduate， School of Management， Xihua University， research direction： Business Administration。

Chen Han（1994—）， male， Fuzhou， Fujian Province， undergraduate， School of Management， Xihua University， research direction： financial management。

Wang Yilin（1998—）， female， Han nationality， Guang'an City， Sichuan Province， undergraduate， School of Economics， Xihua University， research direction： investment。

作者簡介：

向羚端（1988—），女，漢族，四川達(dá)州，西華大學(xué)管理學(xué)院本科，研究方向：工商管理。

陳涵（1994—），男 ，福建福州， 西華大學(xué)管理學(xué)院本科，研究方向：財(cái)務(wù)管理。

王藝霖（1998—），女，漢族，四川廣安，西華大學(xué)經(jīng)濟(jì)學(xué)院本科，研究方向：投資學(xué)。